By Alan Zibel - ASSOCIATED PRESS and SignOnSanDiego.com - April 17, 2007
WASHINGTON – Consumer advocates have begun criticizing major mortgage lenders, such as Countrywide Financial Corp. and GMAC Financial, that also have in-house foreclosure businesses.

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Testimony of Paul Leonard, California Office Director, Center for Responsible Lending Before the California Senate Banking Committee, March 26, 2007

The crisis in subprime lending will produce record levels of foreclosures. Immediate action is needed on two fronts: 1) help for current borrowers to avoid widespread foreclosures; and 2) statutory and regulatory changes to ensure that this cycle will not be repeated when the housing market turns up again.

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